Financial Systems And Economic Growth

Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital.

For the researcher or for anyone interested in a broad overview and statistical analysis of the international financial landscape, this book is undeniably a valuable contribution. This book is undeniably a valuable contribution.
This is the first broad cross-country assessment of the ties between financial structure—the mix of financial instruments, institutions, and markets in a given economy—and economic growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on developed countries and compare bank-based and market-based systems. Debates over the relative merits of the two systems have relied on case studies of Germany, Japan, the United Kingdom, and the United States, countries with similar long-run growth rates. The absence of data on developing countries limits the usefulness of such studies for policy makers.